Baidu Pursues Dual Primary Listing on Hong Kong Stock Exchange
Chinese technology company Baidu has applied to convert its secondary listing on the Hong Kong Stock Exchange to a dual primary listing, allowing for trading in both the US and Hong Kong.
Chinese AI company Baidu has provided an update on its proposed voluntary conversion of its secondary listing status on the Stock Exchange of Hong Kong. The company has submitted an application to the exchange and expects the conversion to become effective within the current year, subject to approval. If successful, Baidu's shares will be dual-primarily listed on the Nasdaq in the United States and the Hong Kong Stock Exchange.
The company stated that this move is part of its strategy. Proposed resolutions for an upcoming extraordinary general meeting include granting mandates for repurchasing its own shares and issuing new shares. These mandates would cover both Class A ordinary shares and the company's American Depositary Shares (ADS).
Baidu has also proposed the adoption of a new 2026 Share Incentive Plan. This plan aims to comply with Hong Kong Stock Exchange listing rules concerning share schemes that involve issuing new shares. The company also plans to update its memorandum and articles of association to align with regulatory requirements and make consequential amendments.
The dual primary listing is conditional on factors including market conditions and obtaining necessary regulatory approvals. Baidu has committed to making further announcements on material updates. The company has been listed on Nasdaq since 2000 and has maintained a secondary listing in Hong Kong since 2021.